Woolley Pritchard & Co Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 07774224 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

FOR

WOOLLEY PRITCHARD & CO LIMITED

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

D Chitty

REGISTERED OFFICE:

Varney House

91 Spon Lane

West Bromwich

West Midlands

B70 6AB

REGISTERED NUMBER:

07774224 (England and Wales)

ACCOUNTANTS:

Crombies Accountants Limited

Chartered Accountants

34 Waterloo Road

Wolverhampton

West Midlands

WV1 4DG

FIXED ASSETS

Intangible assets

4

178,500

191,250

Tangible assets

5

9,917

13,977

188,417

205,227

CURRENT ASSETS

Stocks

32,500

30,000

Debtors

51,929

52,797

Prepayments and accrued income

20,917

20,663

Cash at bank and in hand

15,009

56,788

120,355

160,248

CREDITORS

Amounts falling due within one year

45,741

54,648

NET CURRENT ASSETS

74,614

105,600

TOTAL ASSETS LESS CURRENT LIABILITIES

263,031

310,827

CREDITORS

Amounts falling due after more than one year

128,523

201,083

NET ASSETS

134,508

109,744

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

134,408

109,644

SHAREHOLDERS' FUNDS

134,508

109,744

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement and an abridged Statement of Financial Position for the year ended 31 March 2018 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 8 June 2018 and were signed by:

D Chitty - Director

1.	STATUTORY INFORMATION

Woolley Pritchard & Co Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of twenty years.

In a departure from FRS102, the Director assessed the useful life of Goodwill on transition to FRS102 and in

their opinion this period amortisation period remains relevant.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33.3% on cost, 25% on reducing balance and 10% on cost

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2017 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2017

and 31 March 2018

255,000

AMORTISATION

At 1 April 2017

63,750

Amortisation for year

12,750

At 31 March 2018

76,500

NET BOOK VALUE

At 31 March 2018

178,500

At 31 March 2017

191,250

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2017

34,392

Additions

368

Disposals

(1,317

)

At 31 March 2018

33,443

DEPRECIATION

At 1 April 2017

20,415

Charge for year

4,428

Eliminated on disposal

(1,317

)

At 31 March 2018

23,526

NET BOOK VALUE

At 31 March 2018

9,917

At 31 March 2017

13,977